One of India’s earliest dotcom platforms, Rediff, which is now a subsidiary of payments technology firm AvenuesAI, has filed its draft red herring prospectus (DRHP) via the confidential route for a public listing. Sources in the know confirmed that the proposed IPO would raise ₹600–800 crore.

The timeline of the initial public offering (IPO) is subject to necessary approvals by the Securities and Exchange Board of India (Sebi), sources said.

AvenuesAI, formerly known as Infibeam Avenues, acquired a majority stake in Rediff in 2024. The company then sold its ecommerce platform and infrastructure business to Rediff, effectively merging the businesses, for ₹800 crore in 2025.

“Rediff is quite profitable now. Rediff has also penetrated government clients for emails. Millions of users use Rediff each month,” a person with knowledge of the matter said.

As an entity, Rediff has the RediffOne platform, with enterprise email, cloud storage, enterprise commerce, and compliance solutions. It also has a financial services distribution platform called RediffPay, which is an authorised third-party UPI application by the National Payments Corporation of India (NPCI).

RediffOne has over 20,000 merchants on its platform as of Q3FY26.

Rediff.com, founded in 1996, was the first Indian internet firm to be listed on Nasdaq in 2000.

In 2000, when Rediff.com was about to be listed, the internet firm that provided email, news, and ecommerce services was valued at $300 million to $500 million. The company was delisted from Nasdaq in 2016. Rediff’s FY24 revenue came in at ₹36 crore.

The entity enables a lower cost of customer acquisition (CAC) for the AvenuesAI platform while positioning itself to enable cross-sell and distribution of financial services.

“The platform now gets nearly 50 million visitors every month. RediffOne is being built with emails, websites, and payment gateways. RediffPay will be the B2C arm like PhonePe or Paytm to cross-sell multiple services. It will not spend much since it already has a user base,” the person quoted above said.

In the third quarter of the financial year 2025–26 (Q3FY26), RediffPay initiated closed user group (CUG) testing for the Unified Payments Interface (UPI) system after receiving approval from NPCI.

In a nutshell, the AvenuesAI flywheel would allow merchants to acquire customers through Rediff, run operations on the enterprise email platform RediffOne, and accept payments through the company’s payment aggregation platform CCAvenue.

This may help the company improve margins, Vishal Mehta, chairman and managing director, AvenuesAI, had explained during the company’s Q3 earnings concall.

“Consider a small business operating on RediffOne. It acquires customers using Rediff. It runs operations on RediffOne. It accepts payments via CCAvenue. It uses Phronetic agents to optimise pricing, reduce payment failures, and automate reconciliation. As that business grows, payment volumes increase. As volume increases, our data intelligence improves. And as intelligence improves, automation increases. And we believe as automation increases, margins also expand,” he had said.